KUALA LUMPUR (Nov 25): KLCCP Stapled Group (KL:KLCC) said its third-quarter net profit rose 11.44% year-on-year, driven by strong performances across its business segments, particularly the retail and hotel division.
Net profit for the quarter ended Sept 30, 2024 (3QFY2024) increased to RM206.53 million from RM185.34 million, with earnings per share rising to 11.44 sen from 10.27 sen, the group showed in a bourse filing on Monday.
Quarterly revenue grew 7.09% to RM429.62 million, from RM401.16 million in 3QFY2023
The group — comprising KLCC Property Holdings Bhd and KLCC Real Estate Investment Trust (KLCC REIT) — declared a dividend of 9.2 sen per stapled security, comprising 2.41 sen for KLCC Property and 6.79 sen for KLCC REIT, payable on Dec 30.
This brings the group’s total income distribution year-to-date to 27.4 sen per stapled security, up 4.98% from the 26.1 sen paid for the same period last year.
KLCCP said its hotel segment, comprising Mandarin Oriental Kuala Lumpur, posted a 15.2% increase in quarterly revenue to RM63.3 million, supported by higher room revenue on the back of a 63% occupancy rate. The hotel also benefited from a robust events calendar and strong demand from the leisure market, the group said.
Meanwhile, the retail segment, represented by Suria KLCC and the retail podium of Menara 3 Petronas, recorded an 8.5% rise in revenue to RM144.6 million. The segment’s performance was boosted by new tenant openings, including fashion denim store Dockers and premium hair salon APT Signature.
“Suria KLCC’s attractive tenant mix, exciting new tenants, experiential marketing initiatives and campaigns for events bolstered the profitability and strengthened its position as the iconic experiential shopping destination in the country,” KLCCP chief executive officer Datuk Sr Mohd Salem Kailany said in a statement.
The group’s office segment, which includes the Petronas Twin Towers, Menara 3 Petronas, Menara ExxonMobil, and Menara Dayabumi, saw a marginal revenue increase to RM146.3 million during the quarter, supported by its triple net lease arrangements and long-term tenancy agreements.
Meanwhile, KLCCP said its net profit for the first nine months ended Sept 30, 2024 (9MFY2024) rose 7.12% to RM585.62 million, from RM546.7 million in the same period last year. Revenue climbed 6.39% to RM1.25 billion, from RM1.18 billion for 9MFY2023.
Looking ahead, KLCCP said it remains optimistic about its performance, leveraging its portfolio of strategic assets and strong brand presence.
“Suria KLCC is dedicated to maintaining its leadership as the iconic experiential shopping destination by prioritising the needs of consumers and tenants,” the group said. Meanwhile, Mandarin Oriental will focus on delivering exceptional hospitality experiences to strengthen its market resilience and drive growth, it added.
KLCCP units closed one sen or 0.13% higher at RM8 on Monday, giving the group a market capitalisation of RM14.44 billion.
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Source: EdgeProp.my
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